6 Apr 2018
https://www.ifa.com.au/news/25369-cpa-s ... pwc-review
CPA’s troubled advice arm set for PwC review
CPA Australia Advice will have its business case and competitiveness reviewed by accounting and advisory giant PwC.
PwC has been charged with assessing the business rationale, conduct, operational principles and practices of CPA Australia Advice.
The licensing business will also be assessed for viability in the immediate and long-term, which at this stage, appear troubled.
CPA Australia committed to the review in 2017, following recommendations from a governance and operations review chaired by former auditor-general Ian McPhee.
A statement sent to CPA Australia members this afternoon was non-committal about the future of the advice business.
“Until the review is complete and the report is received and considered, the directors will continue to operate CPA Australia Advice in accordance with the existing operating structure,” the statement said.
As of November last year, CPA Australia Advice had a combined trading loss of $7.4 million since its 2015 launch. It’s also only onboarded 37 authorised representatives to date.
It’s also an ongoing regulatory impediment, being central to the problems the association had with securing a professional standards scheme last year, which provides liability coverage for members in public practice. The Professional Standards Council (PSC) authorises the schemes and was, at the time, concerned by a potential conflict of interest the licensing arm posed.
Currently, CPA Australia Advice is raising questions about the association’s eligibility as a monitoring body under FASEA’s incoming requirements. Members who provide advice will need to join another approved code monitoring body to be compliant if CPA Australia does not have its recognition status approved
https://www.accountantsdaily.com.au/pro ... lia-advice
|Merry Christmas to Peter Wilson. When it was suggested that Peter Wilson should be independent of the old board so that we can have a fresh start Peter responded with "That's your issue". Summary of the meeting here: viewtopic.php?f=23&t=594|
A good summary of where we are up to by Joe Aston of the AFR, linked to from here: viewtopic.php?f=5&p=4137#p4137
If you are new to this website read the story so far: viewtopic.php?t=321#p1793
Check out some of the AFR articles, too many to list and check out some of the ABC reports: http://www.afr.com/business/accounting/ ... 215-h055ej http://www.afr.com/business/accounting/ ... 211-h02x1d http://www.abc.net.au/news/programs/the ... s,/8626662
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